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You know it’s a bear market when… the crypto market cap is only down about 3% on the day and you’re fist pumping like a Wall Street trader cliché.
Okay, so the fist pump didn’t really happen. The fact the market’s entire valuation has now sunk below $1 trillion for the first time since January 2021 pretty much put paid to that forced imagery.
But enough of the Debbie Downer for half a minute, time to relax with a raw hit of hopium…
Reasons to be cheerful, one, two three…
• Here’s a fun factoid for you: Bitcoin (BTC) has never been more oversold on a weekly timeframe than it was a little earlier today when it dipped to US$21k. (Take Crypto Rover’s urgent-sounding “benefit from it” message with a grain of salt… although probably decent advice for dollar-cost averagers.)
• And doubling down on the “lowest-ever” stats, according to Rekt Capital, the original orange digital asset has also hit its nadir on the monthly RSI (relative strength index) price-momentum indicator.
It’s a classic bottoming signal if ever there was one. But… best still keep that salt handy – crypto’s never been in a broader, more complex macro bear market quite like this before. And past performance is not indicative of future resul… ah, you know.
• That said, as 2018’s crypto hit song Bitcoin Pls Go To Moon goes: “But Mr Novogratz say, we have baaaaatoooooommm-ed out…” Well, almost. The former Goldman Sachs man and Galaxy Digital CEO actually said the following at today’s Morgan Stanley conference in New York:
The LUNA-inked CEO also indicated that he expects Ethereum (ETH) to hold around US$1,000 and Bitcoin to be supported around the US$20k level.
That one’s probably a slightly weak reason to be cheerful, considering how wrong “Novregretz” got things with Terra. Having said that, he wasn’t exactly the Lone Ranger on that score and has made some pretty reasonable calls in the past – “the herd is coming”, for example.
Anyway, back to earth… let’s get lyrical…
Rekt with Rito
“It’s lookin’ like a matador’s market how the bulls flee unsungly…
‘Cos these bears want blood like bees want honey!
I’ll HODL if I can but my money’s running from me.”
Top 10 overview
With the overall crypto market cap at roughly US$983 billion, down 3.2% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Some slightly surprising alternative “layer 1” price action can be seen in the chart above, with Cardano (ADA), Solana (SOL) and Polkadot (DOT) “crushing” it on the daily timeframe.
Most Ethereum (ETH) rivals in the top 100 have been hammered prior to this over the past few days, so perhaps it’s not so surprising then to see them bounce a little on a more comparatively neutral day of trading.
That’s all well and good, but let’s stay on the OG crypto asset for now…
Bears still having a picnic ahead of Fed’s FOMC meeting
Bitcoin plunged to an intraday low of just under US$21k today, following yesterday’s low of about US$23,600. These are levels not seen since December of 2020 – pretty much eons ago in crypto terms.
Is Mike Novogratz right, then? Are we really already close the “baaatooomm” of the bear market? The market seems a little split, as always, but we’ve seen that numerous analysts, including those at Tasmanian crypto-education platform Collective Shift, think the bear has a way to run yet.
And don’t forget, the US Federal Reserve’s two-day FOMC (Federal Open Market Committee) meeting kicks off tomorrow. What fun for Jerome Powell and his market-moving pals. What will they absolutely boot us in the groin with this time?
Have the markets (stonks and crypto) already been pricing in a 75bp rate-hike increase in response to the worst inflation level (8.6%) seen in the US pretty much ever? Guess that’s the question. Answer to come tomorrow. Trade it (or don’t) how you will, I guess.
Uppers and downers: 11–100
Sweeping a market-cap range of about US$7.57 billion to about US$366 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
Erm, not 100 per cent sure what’s going on with the CEL token mooning here. Whales? (Pretty much a stock answer to everything.) This pump could be over in a flash, but we’ll keep an eye on it and update this story accordingly if there’s any significant updates to the Celsius drama dominating crypto news this week…
• Celsius Network (CEL), (market cap: US$296 million) +148%
• Bitcoin SV (BSV), (mc: US$1 billion) +19%
• Helium (HNT), (mc: US$980 million) +16%
• Elrond (EGLD), (mc: US$1 billion) +15%
• Theta Network (THETA), (mc: US$1.16 billion) +12%
• Chain (XCN), (market cap: US$1.93 billion) -34%
• Monero (XMR), (mc: US$2.26 billion) -12%
• TRON (TRX), (mc: US$5.49 billion) -9%
• DeFiChain (DFI), (mc: US$713 million) -6%
• Huobi (HT), (mc: US$871 million) -6%
Around the blocks
To finish, a selection of randomness that stuck with us on our daily journey through the Crypto Twitterverse…
An old Aussie classic this, for those who remember… Can you recall what it was actually advertising, though?